Falcon Oil & Gas Ltd. - Operational Update on Amungee NW-2H Drilling
December 23 2022 - 2:00AM
Falcon Oil & Gas Ltd. - Operational Update on Amungee NW-2H
Drilling
Falcon Oil & Gas
Ltd.(“Falcon” or
“Company”)
Operational Update on
Amungee NW-2H Drilling
23 December 2022 – Falcon Oil & Gas Ltd.
(TSXV: FO, AIM: FOG) is pleased to announce that drilling
operations, including casing and cementing, at the Amungee NW-2H
(“A2H”) well have been successfully completed. The A2H well has
been drilled to a total depth (TD) of 3,883 metres, including a
1,275-metre horizontal section within the Amungee Member B Shale
(formerly known as the Middle Velkerri B-shale), in the Beetaloo
Sub-Basin, Northern Territory, Australia with Falcon Oil &
Gas Australia Limited’s joint venture partner, Tamboran (B1) Pty
Limited (“Tamboran”).
Key points to note:
- The A2H well intersected the
Amungee Member B Shale at 2,413 metres vertical depth.
- Preliminary drilling data confirms
elevated gas shows with high concentration C1, (methane)
observed.
- Drilling was completed in 38 days
(spud to TD) and a total cost of A$14.1 million (excluding casing
and cementing), slightly ahead of pre-drill design days and budget.
Falcon remains fully carried for the cost of these operations.
- Up to 24 stimulation stages are
planned within the Amungee Member B Shale when operations are
expected to resume in the first quarter of 2023, subject to weather
conditions.
- Stimulation and flow testing of the
A2H well over the 1,275-metre horizontal section will enhance the
joint venture’s understanding of the potential commerciality of the
Amungee Member B Shale.
- The joint venture is currently
undertaking a comprehensive review of all available data before
finalising the location of the final well under the Stage 3 work
programme, targeted to be drilled in 2023.
Philip
O’Quigley,
Falcon’s CEO,
commented: “We are delighted that
the joint venture’s new operator, Tamboran Resources Limited, has
successfully drilled and cased the Amungee NW-2H well and look
forward to the next phase of operations with the fracture
stimulation in the New Year and obtaining productions rates that
would support the joint venture moving to a multi-well pilot
development program in 2023/2024. We will continue to update the
market as results become available.”
Ends.
CONTACT DETAILS:
Falcon Oil & Gas
Ltd. |
+353 1 676 8702 |
Philip O'Quigley, CEO |
+353 87 814 7042 |
Anne Flynn, CFO |
+353 1 676 9162 |
|
Cenkos Securities plc (NOMAD & Broker) |
|
Neil McDonald / Derrick Lee |
+44 131 220 9771 |
This announcement has been reviewed by Dr. Gábor
Bada, Falcon Oil & Gas Ltd’s Head of Technical Operations. Dr.
Bada obtained his geology degree at the Eötvös L. University in
Budapest, Hungary and his PhD at the Vrije Universiteit Amsterdam,
the Netherlands. He is a member of AAPG.
About Falcon Oil & Gas
Ltd.Falcon Oil & Gas Ltd is an international oil &
gas company engaged in the exploration and development of
unconventional oil and gas assets, with the current portfolio
focused in Australia, South Africa and Hungary. Falcon Oil &
Gas Ltd is incorporated in British Columbia, Canada and
headquartered in Dublin, Ireland with a technical team based in
Budapest, Hungary.
Falcon Oil & Gas Australia Limited is a c.
98% subsidiary of Falcon Oil & Gas Ltd.
For further information on Falcon Oil & Gas
Ltd. please visit www.falconoilandgas.com
About Tamboran (B1) Pty
LimitedTamboran (B1) Pty Limited is a 50:50 joint venture
between Tamboran Resources Limited and Daly Waters Energy, LP
(Sheffield).
Tamboran Resources Limited, is a natural gas
company listed on the ASX (TBN) and U.S. OTC markets (TBNNY).
Tamboran is focused on playing a constructive role in the global
energy transition towards a lower carbon future, by developing the
significant low CO2 gas resource within the Beetaloo Basin through
cutting-edge drilling and completion design technology as well as
management’s experience that in successfully commercialising
unconventional shale in North America.
Bryan Sheffield of Daly Waters Energy, LP is a
highly successful investor and has made significant returns in the
US unconventional energy sector in the past. He was Founder of
Parsley Energy Inc. (“PE”), an independent
unconventional oil and gas producer in the Permian Basin, Texas and
previously served as its Chairman and CEO. PE was acquired for over
US$7 billion by Pioneer Natural Resources Company
(“Pioneer”), itself a leading independent oil and
gas company and with the PE acquisition became a Permian pure play
company. Pioneer has a current market capitalisation of c. US$60
billion.
Advisory regarding forward looking
statementsCertain information in this press release may
constitute forward-looking information. Any statements that are
contained in this news release that are not statements of
historical fact may be deemed to be forward-looking information.
Forward-looking information typically contains statements with
words such as “may”, “will”, “should”, “expect”, “intend”, “plan”,
“anticipate”, “believe”, “estimate”, “projects”, “dependent”,
“potential”, “scheduled”, “forecast”, “outlook”, “budget”, “hope”,
“suggest”, “support” “planned”, “potential” or the negative of
those terms or similar words suggesting future outcomes. In
particular, forward-looking information in this press release
includes, but is not limited to, information relating to stage 3
operations and progress to date at A2H and the decision reached on
the second well of the stage 3 programme including the evaluation
of the location, which remains ongoing, the execution of the
fracture stimulation of the A2H well, the prospectivity of the
Amungee Member/Middle Velkerri play and the prospect of the
exploration programme being brought to commerciality. This
information is based on current expectations that are subject to
significant risks and uncertainties that are difficult to predict.
The risks, assumptions and other factors that could influence
actual results include risks associated with fluctuations in market
prices for shale gas; risks related to the exploration, development
and production of shale gas reserves; general economic, market and
business conditions; substantial capital requirements;
uncertainties inherent in estimating quantities of reserves and
resources; extent of, and cost of compliance with, government laws
and regulations and the effect of changes in such laws and
regulations; the need to obtain regulatory approvals before
development commences; environmental risks and hazards and the cost
of compliance with environmental regulations; aboriginal claims;
inherent risks and hazards with operations such as mechanical or
pipe failure, cratering and other dangerous conditions; potential
cost overruns, drilling wells is speculative, often involving
significant costs that may be more than estimated and may not
result in any discoveries; variations in foreign exchange rates;
competition for capital, equipment, new leases, pipeline capacity
and skilled personnel; the failure of the holder of licenses,
leases and permits to meet requirements of such; changes in royalty
regimes; failure to accurately estimate abandonment and reclamation
costs; inaccurate estimates and assumptions by management and their
joint venture partners; effectiveness of internal controls; the
potential lack of available drilling equipment; failure to obtain
or keep key personnel; title deficiencies; geo-political risks; and
risk of litigation.
Readers are cautioned that the foregoing list of
important factors is not exhaustive and that these factors and
risks are difficult to predict. Actual results might differ
materially from results suggested in any forward-looking
statements. Falcon assumes no obligation to update the
forward-looking statements, or to update the reasons why actual
results could differ from those reflected in the forward
looking-statements unless and until required by securities laws
applicable to Falcon. Additional information identifying risks and
uncertainties is contained in Falcon’s filings with the Canadian
securities regulators, which filings are available at
www.sedar.com, including under "Risk Factors" in the Annual
Information Form.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
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